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Questions and Answers of Statistics Business Economics

Carl Allen and Norm Nixon are two loan officers at Brea Federal Savings and Loan Bank. The bank manager is interested in comparing the default rate on the loans approved by Carl to the default rate
Tourism is extremely important to the economy of Florida. Hotel occupancy is an often-reported measure of visitor volume and visitor activity (Orlando Sentinel,
Minnesota had the highest turnout rate of any state for the 2016 presidential election (United States Election Project website). Political analysts wonder if turnout in rural Minnesota was higher
Hotel room pricing changes over time (Lodging Magazine), but is there a difference between Europe hotel prices and U.S. hotel prices? The file IntHotels contains changes in the hotel prices for 47
The Tippie College of Business obtained the following results on the salaries of a recent graduating class: a. Formulate hypothesis so that, if the null hypothesis is rejected, we can conclude
Consider the following hypothesis test? The following results are for two independent samples taken from the two populations.? a. What is the value of the test statistic?? b. What is the
According to the U.S. Transportation Security Administration (TSA), 2% of the 771,556,886 travelers who utilized 440 federalized airports in 2017 waited more than 20 minutes in the TSA security line.
NDC Technology’s MM710e On-Line Snacks Gauge rapidly measures surface brownness of potato chips just before packaging. This allows for a high degree of control over this important characteristic of
According to Ericsson’s 2016 ConsumerLab TV & Media report, the average person in the United States spends 23 minutes per day channel surfing. The file ChannelSurfing provides the number of
According to Inc.com, 79% of job seekers used social media in their job search in 2018. Many believe this number is inflated by the proportion of 22- to 30-year-old job seekers who use social media
According to the National Association of Realtors, it took an average of three weeks to sell a home in 2017. Data for the sale of 40 randomly selected homes sold in Greene County, Ohio, in 2017
SmartAsset reports that the average weekly earnings for workers who have not received a high school diploma is $493 in 2018. Suppose you would like to determine if the average weekly earnings for
Michigan State University’s Collegiate Employment Research Institute found that starting salary for recipients of bachelor's degrees in business was $50,032 in 2017. The results for a sample of 100
On its municipal website, the city of Tulsa states that the rate it charges per 5 CCF of residential water is $21.62. How do the residential water rates of other U.S. public utilities compare to
According to the Vivino website, the mean price for a bottle of red wine that scores 4.0 or higher on the Vivino Rating System is $32.48. A New England–based lifestyle magazine wants to determine
According to the IRS, taxpayers calling the IRS in 2017 waited 13 minutes on average for an IRS telephone assister to answer. Do callers who use the IRS help line early in the day have a shorter
The American Institute of Certified Tax Planners reports that the average U.S. CPA works 60 hours per week during tax season. Do CPAs in states that have flat state income tax rates work fewer hours
TextRequest reports that adults 18–24 years old send and receive 128 texts every day. Suppose we take a sample of 25–34-year-olds to see if their mean number of daily texts differs from the mean
According to the National Beer Wholesalers Association, U.S. consumers 21 years and older consumed 26.9 gallons of beer and cider per person during 2017. A distributor in Milwaukee believes that beer
The Infrastructure Report Card (IRC) reports that of 614,387 U.S. bridges, 9.1% were structurally deficient as of last year. The IRC also reports that more than 1300 California bridges fall under
In 2017, 42.54% of the nearly 2.7 million reports taken nationwide by the Federal Trade Commission’s Consumer Sentinel Network dealt with instances of fraud. Consider results of a random sample of
Huston Systems Private Limited reports that smart traffic signals and signs can measure a passing vehicle’s speed. Consider the speeds of 15,717 vehicles collected as they passed 35 MPH speed limit
Obesity is a risk factor for many health problems such as type 2 diabetes, high blood pressure, joint problems, and gallstones. Using data collected in 2018 through the National Health and Nutrition
Credit card ownership varies across age groups. In 2018, CreditCards.com estimated that the percentage of people who own at least one credit card is 67% in the 18–24 age group, 83% in the 25–34
The Centers for Disease Control and Prevention (CDC) define a healthy sleep duration to be at least seven hours per day. The CDC reports that the percentage of people who report a healthy sleep
One of the questions Rasmussen Reports included on a 2018 survey of 2.500 likely voters asked if the country is headed in the right direction. Representative data are shown in the file
In the spring of 2017, the Consumer Reports National Research Center conducted a survey of 1007 adults to learn about their major health-care concerns. The survey results showed that 574 of the
At 95% confidence, how large a sample should be taken to obtain a margin of error of .03 for the estimation of a population proportion? Assume that past data are not available for developing a
ABC News reports that 58% of U.S. drivers admit to speeding. Suppose that a new satellite technology can instantly measure the speed of any vehicle on a U.S. road and determine whether the vehicle is
Of the 155 billion mailpieces the U.S. Postal Service (USPS) processed and delivered in 2017, 4.3% were undeliverable as addressed. Suppose that a brief questionnaire about USPS service is attached
According to USC Annenberg, the mean time spent by Americans on the Internet in their home per week is 17.6 hours. Assume that the standard deviation for the time spent by Americans on the Internet
In 2018, the Simple Dollar website reported that the mean life of 14-watt compact fluorescent lights (CFLs) is 8000 hours. Assume that for this population the standard deviation for CFL life is 480.
The mean airfare for flights departing from Buffalo Niagara International Airport during the first three months of 2017 was $320.51. Assume the standard deviation for this population of fares is
According to the U.S. Department of Health and Human Services, only 49.2% of homes in the United States used landline telephone service in 2017. a. Suppose a sample of 207,000 U.S. homes will be
The president of Colossus.com, Inc., believes that 42% of the firm’s orders come from customers who have purchased from Colossus.com in the past. A random sample of 108,700 orders from the past six
The New York Times reported that 17.2 million new cars and light trucks were sold in the United States in 2017, and the U.S. Environmental Protection Agency projects the average efficiency for these
The U.S. Bureau of Labor Statistics (BLS) reported that the mean annual number of hours of vacation time earned by blue-collar and service employees who work for small private establishments and have
Assume that the population proportion is .44. Compute the standard error of the proportion, sp, for sample sizes of 500,000; 1,000,000; 5,000,000; 10,000,000; and 100,000,000. What can you say about
A sample of size 100,000 is selected from a population with p =.75. a. What is the expected value of p̅? b. What is the standard error of p̅? c. Show the sampling distribution of
Assume the population standard deviation is σ = 25. Compute the standard error of the mean, σx, for sample sizes of 500,000; 1,000,000; 5,000,000; 10,000,000; and 100,000,000. What can you say
A population has a mean of 400 and a standard deviation of 100. A sample of size 100,000 will be taken, and the sample mean x̅ will be used to estimate the population mean. a. What is the
In 2016 the Better Business Bureau settled 80% of complaints they received in the United States. Suppose you have been hired by the Better Business Bureau to investigate the complaints they received
In 2017, the Restaurant Hospitality website reported that only 10% of surplus food is being recovered in the food-service and restaurant sector, leaving approximately 1.5 billion meals per year
Rocky Mountain National Park is a popular park for outdoor recreation activities in Colorado. According to U.S. National Park Service statistics, 46.7% of visitors to Rocky Mountain National Park in
greater? Why? 29. Income Tax Return Preparation Fees. The CPA Practice Advisor reports that the mean preparation fee for 2017 federal income tax returns was $273. Use this price as the population
In May 2018, The College Board reported the following mean scores for two parts of the Scholastic Aptitude Test (SAT): Evidence-Based Reading and
The Pew American Trends Survey includes a series of questions on attitudes toward automation. The May 2018 results showed that 2977 of 4135 respondents are worried about a future in which robots and
According to Wine-Searcher, wine critics generally use a wine-scoring scale to communicate their opinions on the relative quality of wines. Wine scores range from 0 to 100, with a score of 95–100
The mean time between failures (MTBF) is a common metric used to measure the performance of manufacturing systems. MTBF is the elapsed time between failures of a system during normal operations. The
Alexa is the popular virtual assistant developed by Amazon. Alexa interacts with users using artificial intelligence and voice recognition. It can be used to perform daily tasks such as making to-do
One indicator of the level of economic hardship is the number of people who bring items to a pawnbroker. Assume that the number of people bringing items to a pawnshop per day in is normally
Intensive care units (ICUs) generally treat the sickest patients in a hospital. ICUs are often the most expensive department in a hospital because of the specialized equipment and extensive training
Battery life between charges for a certain mobile phone is 20 hours when the primary use is talk time, and drops to 7 hours when the phone is primarily used for Internet applications over a cellular
Consider the following exponential probability density function.? a. Write the formula for P(x ? x0).? b. Find P(x ? 2).? c. Find P(x ? 3).? d. Find P(x ? 5).? e. Find P(2 ? x ? 5).? -x/3 f(x) = 3
According to Money magazine, Maryland had the highest median annual household income of any state in 2018 at $75,847 (Time.com website). Assume that annual household income in Maryland follows a
Males in the Netherlands are the tallest, on average, in the world with an average height of 183 centimeters (cm) (BBC News website). Assume that the height of men in the Netherlands is normally
The electric-vehicle manufacturing company Tesla estimates that a driver who commutes 50 miles per day in a Model S will require a nightly charge time of around 1 hour and 45 minutes (105 minutes) to
The random variable x is known to be uniformly distributed between 1.0 and 1.5. a. Show the graph of the probability density function. b. Compute P(x = 1.25). c. Compute P(1.0 ≤ x
According to U.S. News & World Reports, 7 of the top 10 graduate schools of business have students with an average undergraduate grade point average (GPA) of 3.50 or higher. Suppose that we
According to a 2017 Gallup survey, the percentage of individuals in the United States who are invested in the stock market by age is as shown in the following table (Gallup website).? Suppose
According to a 2017 survey conducted by the technology market research firm The Radicati Group, U.S. office workers receive an average of 121 emails per day (Entrepreneur magazine website). Assume
According to a 2017 Wired magazine article, 40% of emails that are received are tracked using software that can tell the email sender when, where, and on what type of device the email was opened
Suppose a sample of 20 Americans is selected as part of a study of the state of the nation. The Americans in the sample are asked whether or not they are satisfied with the way things are going in
According to a 2018 survey by Bankrate.com, 20% of adults in the United States save nothing for retirement (CNBC website). Suppose that 15 adults in the United States are selected randomly. a.
Consider a binomial experiment with n = 10 and p = .10. a. Compute f(0). b. Compute f(2). c. Compute P(x ≤ 2). d. Compute P(x ≥ 1). e. Compute E(x). f. Compute
New legislation passed in 2017 by the U.S. Congress changed tax laws that affect how many people file their taxes in 2018 and beyond. These tax law changes will likely lead many people to seek tax
During the summer of 2018, Coldstream Country Club in Cincinnati, Ohio, collected data on 443 rounds of golf played from its white tees. The data for each golfer’s score on the twelfth hole are
Spectrum provides cable television and Internet service to millions of customers. Suppose that the management of Spectrum subjectively assesses a probability distribution for the number of new
Many undergraduate students in the U.S. study abroad as part of their education. Assume that 60% of the undergraduate students who study abroad are female and that 49% of the undergraduate students
The National Center for Health Statistics, housed within the U.S. Centers for Disease Control and Prevention (CDC), tracks the number of adults in the United States who have health insurance.
According to a 2018 article in Esquire magazine, approximately 70% of males over age 70 will develop cancerous cells in their prostate. Prostate cancer is second only to skin cancer as the most
A 2018 Pew Research Center survey found that more Americans believe they could give up their televisions than could give up their cell phones (Pew Research website). Assume that the following table
Suppose that a particular NBA player makes 93% of his free throws. Assume that late in a basketball game, this player is fouled and is awarded two shots. a. What is the probability that he will
A 2018 Pew Research Center survey (Pew Research website) examined the use of social media platforms in the United States. The survey found that there is a .68 probability that a randomly selected
The National Highway Traffic Safety Administration (NHTSA) collects traffic safety-related data for the U.S. Department of Transportation. According to NHTSA?s data, 10,426 fatal collisions in 2016
Suppose that the following table represents a sample of 944 teenagers? responses to the question, ?When do you think you will become financially independent??? Consider the experiment of randomly
Code Churn is a common metric used to measure the efficiency and productivity of software engineers and computer programmers. It?s usually measured as the percentage of a programmer?s code that must
Smartphones have become ubiquitous for most people and have become the predominant means of communication among people. Consider the following data indicating the number of minutes in a month spent
The file StockComparison contains monthly adjusted stock prices for technology company Apple, Inc., and consumer-goods company Procter & Gamble (P&G) from 2013–2018. a. Develop a
The New York Times reported that Apple has unveiled a new iPad marketed specifically to school districts for use by students (The New York Times website). The 9.7-inch iPads will have faster
Each year Money magazine publishes a list of “Best Places to Live in the United States.” These listings are based on affordability, educational performance, convenience, safety, and livability.
Suppose that the mean retail price per gallon of regular grade gasoline in the United States is $3.43 with a standard deviation of $.10 and that the retail price per gallon has a bell-shaped
According to the 2016 Consumer Expenditure Survey, Americans spend an average of $1124 on cellular phone service annually (U.S. Bureau of Labor Statistics website). Suppose that we wish to determine
The movie industry is a competitive business. More than 50 studios produce hundreds of new movies for theater release each year, and the financial success of each movie varies considerably. The
Varatta Enterprises sells industrial plumbing valves. The following table lists the annual sales amounts for the different salespeople in the organization for the most recent fiscal year.? a.
The U.S. Bureau of Labor Statistics collects data on unemployment rates in each state. The data contained in the file UnemploymentRates show the unemployment rate for every state and the District of
The creator of a new online multiplayer survival game has been tracking the monthly downloads of the newest game. The following table shows the monthly downloads (in thousands) for each month of the
Nielsen tracks the amount of time that people spend consuming media content across different platforms (digital, audio, television) in the United States. Nielsen has found that traditional television
OutdoorGearLab is an organization that tests outdoor gear used for climbing, camping, mountaineering, and backpacking. Suppose that the following data show the ratings of hardshell jackets based on
There is a severe shortage of critical care doctors and nurses to provide intensive-care services in hospitals. To offset this shortage, many hospitals, such as Emory Hospital in Atlanta, are using

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